Moyo ruling paves way for new Old Mutual CEO
Court decision sent the group’s share price up as much as 5.45% to R20.14, to close 3.25% higher
Old Mutual’s high court victory against Peter Moyo paves the way for the insurer to finally appoint a new leader, after an eight-month battle with the axed CEO that caused reputational damage and shaved billions off its market capitalisation.
On Tuesday, a full bench of the Johannesburg high court upheld Old Mutual’s appeal, finding that the insurer had lawfully dismissed Moyo. The court overturned the first high court judgment that ruled Moyo was illegally fired and which had temporarily reinstated him. That reinstatement was overturned.